The State could earn more revenue from the planned Eagle Hills development in Ras Malé than it currently receives from the Maldives’ entire tourism industry, Maldives Water and Sewerage Company (MWSC) Managing Director Hussain Fahmy has said.
In a post on X, Fahmy highlighted the scale of the projected financial returns from the Ras Malé waterfront and marina development, describing its economic objective as unprecedented for the country.
According to Fahmy, fiscal estimates indicate that revenue generated for the State through the Eagle Hills development alone could exceed the combined State revenue currently generated by the country’s resorts, hotels, guesthouses and safari vessels.
He cited the Maldives’ existing tourism accommodation network, including 179 resorts, 16 hotels, 920 guesthouses and 165 safari vessels, to illustrate the scale of the projected returns.
The government signed a commercial agreement with Abu Dhabi-based property developer Eagle Hills on September 21 for a major integrated waterfront and marina development at Fushidhiggaru Falhu, where Ras Malé is being developed.
The project is envisioned as an approximately USD 20 billion development implemented across multiple phases, rather than a USD 20 billion upfront investment.
Plans for the development include international hotels and resorts, premium and branded residences, a marina, waterfront promenades, restaurants, retail outlets and leisure and wellness facilities.
Eagle Hills is also expected to develop 5,000 housing units for Maldivians as part of arrangements connected to the wider project.
Government projections indicate that the development could generate more than USD 11 billion in revenue for the State over its lifetime. However, a detailed public breakdown showing how the projected State revenue has been calculated has yet to be released.
Preliminary estimates associated with the project also anticipate more than USD 30 billion in gross foreign investment over the course of the development, including around USD 18 billion in net foreign investment entering the Maldives.
Once fully developed, the project is expected to attract more than one million visitors annually and generate over USD 2 billion a year in tourism-related revenue. It has also been projected to create more than 54,000 direct and indirect employment opportunities.
The projections represent estimates based on the development reaching its planned scale and should not be interpreted as revenue already secured by the State.
The Eagle Hills development forms a major component of the wider Ras Malé urban expansion project, which is being developed on reclaimed land at Fushidhiggaru Falhu near the capital.
The wider Ras Malé masterplan covers more than 1,100 hectares and includes residential, commercial and tourism districts. Government plans envision approximately 65,000 housing units across the new city as part of efforts to address housing shortages and reduce population pressure on Malé.
The administration has also presented the Eagle Hills development as part of a broader strategy to increase foreign currency inflows into the domestic economy.
Finance Minister Hassan Zareer previously said proceeds associated with property transactions under the development are expected to be channelled through the Maldivian banking system, with the government seeking to retain a larger share of foreign currency generated by major investments within the country.
The project’s financial projections have also attracted scrutiny, particularly over the timing of expected revenue and the structure of the investment. Former President Mohamed Nasheed has argued that while developing a waterfront in Ras Malé is a positive concept, returns from the project would take time and would not provide an immediate solution to the country’s current financial pressures.
Eagle Hills is a privately held property developer headquartered in Abu Dhabi and founded by businessman Mohamed Alabbar, who also founded Emaar Properties.
The company has developed and invested in large-scale residential, hospitality and waterfront projects internationally, including developments in Albania, Serbia, Morocco, Bahrain and the United Arab Emirates.
